10. A, B and C agreed to liquidate their partnership. Information be process is as follows: Cash. . Non-cash assets... Notes payable to C..... 25,200 297,600 38,400 Other liabilities. A, capital (50%)... B, capital deficit (30%)... C, capital (20%).... 184,800 72,000 (12,000) 39,600
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- Before liquidation, the following is the financial position of the partnership W, X, Y and Z: W, capital 275,000 W, loan 50,000 X, capital 225,000 Y, capital 257,500 Z, capital 342,500 P&L ratio is 4:3:2:1, respectively. 300,000 was received from certain assets are sold and are distributed to partners. What cash amount should Z receive? a. 300,000 b. 0 c. 135,834 d. 166,166The statement of financial position for the partnership of AA, BB and CC who share profits in the ratio of 2:1:1, shows the following balances just before the liquidation: Cash P12,000 Other assets 59,500 Liabilities 49,000 AA, capital 22,000 BB, capital 15,500 CC, capital (15,000) On the first instalment of the liquidation, a gain of P8,525 was realized from the sale of certain assets. Liquidation expenses of P1,000 was paid, and additional liquidation expenses are anticipated. Liabilities paid amounted to P34,000. Remaining book value of other assets is P1,550. On the first payment to partners, AA receives P6,250. How much is the amount of cash withheld for anticipated liquidation expenses and unpaid liabilities?A balance sheet for the partnership of A, B, and C, who share profits 2:1:1, shows the following balances just before liquidation: Cash: P48,000Other assets: 238,000Liabilities: 80,000A, Capital: 88,000B, Capital: 62,000C, Capital: 56,000 On the first month of liquidation, certain non-cash assets were sold resulting to a loss of P23,000. Liquidation expenses of P4,000 were paid, and additional liquidation expenses of P3,200 are withheld to anticipate payment before liquidation is completed. After creditors were paid, partner B received P13,000 on the initial installment. Determine the total book value of the non-cash assets on the first month.
- Partners E, F, and G who share profits and losses in the ratio of 2: 2: 1, respectively decided to liquidate. The condensed statement of financial position immediately prior to the liquidation shows the following: Cash P 400,000 Non-cash Assets 1,600,000 Liabilities 560,000 E, Loan 40,000 E, Capital 180,000 F, Capital 420,000 G, Capital 800,000 After paying liabilities to partnership creditors, cash of P830,000 is available for distribution to partners. Any…10 As of December 31, 2020, the books of ABC partnership showed capital balances of: A, P60,000; B, P30,000 and C, P5,000. The partnership's profit or loss ratio was 5:3:2, respectively. The partners decided to liquidate and they sold all non-cash assets for P40,000. After the settlement of all liabilities amounting to P10,000, they still have cash of P20,000 left for distribution. Assuming that any capital debit balance is uncollectible, determine payment to partner B at the end of the liquidation.The ABC Partnership is to be liquidated. The ledger shows the following: Cash $ 70,000 Noncash Assets 220,000 Liabilities 90,000 A, Capital 85,000 B, Capital 90,000 C, Capital 25,000 A,B, and C's income ratios are 5:3:2, respectively. The non-cash assets are sold for $170,000. Instructions Prepare a schedule of liquidation using the following chart: Cash NC assets Liabilities A, Cap B, Cap C, Cap Beg Balance Sale of assets Balance Pay liabilities Balance Distribute cash End Balance Prepare the 4…
- A balance sheet for the QRS Partnership, which shares profits and losses in the ratio of 5:3:2 shows the following balances just before liquidation: Cash, P30,000; Other assets, P148,750; Liabilities, P50,000; Q, Capital, P55,000; R, Capital, P38,750; and S Capital, P35,000. On the first month of liquidation, certain assets are sold for P80,000. Liquidation expenses of P2,500 is paid, and additional expenses are anticipated. Liabilities are paid amounting to P13,500, and sufficient cash is retained to ensure payment to creditors before making payment to partners. On the payments to partners, Q receives P15,625. Calculate the amount of cash withheld for anticipated liquidation expenses.5. In January 1, 2009, partners AAA, BBB and CCC, who share profits and losses in the ratio of 5:3:2, respectively, decided to liquidate their partnership. On this date, the partnership’s condensed balance sheet was as follows: Cash P 50,000 Other assets 250,000 P 300,000 Liabilities P 60,000 AAA, capital 80,000 CCC, capital 90,000 BBB, capital 70,000 Total P 300,000 On June 15, 2009, the first cash sale of other assets with a carrying amount of P150,000 realized P120,000. Safe…The accounts of the partnership of R, S and T at the end of its fiscal year on November 30, 2021 are as follows:Cash 103,750 Loan from S 20,000 Other Non cash assets 707,500 R, Capital (30%) 266,250Loan to R 15,000 S, Capital (50%) 136,250Liabilities 262,500 T, Capital (20%) 141,250S received P50,000 in settlement of his equity. 13. Which of the following statements is incorrect? a. Total amount distributed to partners is P336,250. b. Total amount paid to creditors is P262,500. c. Total amount realized from the non-cash assets is P598,750. d. R received an amount equal to P187,500
- As of December 31, 2021, the books of GOV Partnership showed the following balances: G – P400,000; O – P250,000; V – P50,000; Liabilities – P500,000; Cash – P55,000. The noncash assets include Accounts Receivable – V for P20,000. The partners share profits and losses in the ratio of 3:1:2. The partners decided to liquidate by installment after unfavorable results of operation for the last three years. Before the liquidation starts, the bookkeeper discovered unpaid bills amounting to P15,000 they scheduled payment immediately. In the first month, 50% of the noncash assets were realized for P500,000. Liquidation expenses of P10,000 and P350,000 of liabilities were paid. At the end of the first month, the available cash was paid to partners after setting aside P5,000 for contingencies. How much cash was available to partners?1. As of December 31, 2022, the books of AME Partnership showed capital balances of A, P40,000; M, P25,000; E P50,000. The partner’s profit and loss ratio was 3:2:1, respectively. The partners decided to liquidate and they sold all non-cash assets for P37,000. After settlement of all liabilities amounting to P12,000, they still have cash of P28,000 left for distribution. Assuming that any capital debit balance is uncollectible, the share of A in distribution of the P28,000 cash would be: A. P18,000 B. P0 C. P19,000 D. P17,800 2. Cloe, Doe and Lida are partners with capital balances on December 31, 2021 of P300,000, P300,000 and P200,000 respectively. Profits are shared equally. Lida wishes to withdraw and it is agreed that she is to take certain furniture and fixtures with second hand value of P50,000 which are carried on the books at P65,000. Brand new, the furniture and fixtures may cost, P80,000. How much is the value of the note that Lida will get from the…35. The statement of financial position for the partnership of BBB, CCC and DDD who share profits in the ratio of 2:1:1, shows the following balances just before the liquidation: Cash P12,000Other assets 59,500Liabilities 49,000BBB, capital 22,000CCC, capital 15,500DDD, capital (15,000) On the first installment of the liquidation, a gain of P8,525 was realized from the sale of certain assets. Liquidation expenses of P1,000 was paid, and additional liquidation expenses are anticipated. Liabilities paid amounted to P34,400. Remaining book value of other assets is P1,550. On the first payment to partners, CCC receives P6,250. The amount of cash withheld for anticipated liquidation expenses and unpaid liabilities is: a. 11,475b. 14,600c. 26,075d. 29,200
